Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Asia-Europe leaders close ranks to fight crisis  Join our daily free Newsletter

MENAFN - AFP - 06/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) Leaders from Asia and Europe on Tuesday renounced protectionism and vowed to promote trade between the two regions in the face of "substantial" uncertainties facing the global economy.

Dozens of leaders converged on small landlocked Laos for the Asia-Europe Meeting (ASEM), seeking to strengthen links between two regions that together account for about half of the world's economic output.

Following a charm offensive by EU officials to reassure Asia that the euro crisis is finally easing, the participants voiced hope that the European economy would "gradually recover" from its current slump.

But they struck a cautious tone about the worldwide economic outlook.

"Global growth has decelerated with substantial remaining uncertainties and downside risks," according to the closing statement.

Top European officials including French President Francois Hollande and Italian Prime Minister Mario Monti led efforts to boost trade with Asian nations that have been a rare bright spot in the gloomy global economy.

Leaders from the two regions pledged to refrain from erecting barriers to trade and investment, saying closer economic relations were crucial to nurse the ailing world economy back to health.

"Part of the growth in Asia is also the result of the open market in Europe because we are the most important destination for Asian products," European Commission President Jose Manuel Barroso said.

"We don't see trade as a panacea but certainly we see trade as a very important driver for growth in Europe and in Asia and indeed in the rest of the world," he added.

The efforts to win Asian support for steps to calm the debt crisis raging in the eurozone reflected the growing importance that Europe places on Asia's vibrant economies.

For years Western outrage over Myanmar's human rights abuses -- including the longtime detention of Nobel laureate Aung San Suu Kyi and other political prisoners -- was a major cause of friction between the two regions.

After reforms including the release of political detainees and Suu Kyi's election to parliament, the West has begun easing sanctions to reward President Thein Sein.

The former general came under pressure at the summit to bring an end to a wave of deadly clashes between Buddhists and Rohingya Muslims in the western state of Rakhine that has prompted fears of a humanitarian crisis.

"At a time of so much progress on human rights we would also look for progress on the treatment of ethnic minorities," Australian Prime Minister Julia Gillard told reporters after talks with Thein Sein.

Myanmar has signed a series of ceasefire deals with armed ethnic minority rebels but the efforts have been overshadowed by the Rakhine violence, which has left dozens dead and more than 100,000 displaced since June.

British Foreign Secretary William Hague urged "all political parties in Burma (Myanmar) to do what they can to end the violence and address the issue of Rohingya citizenship."

Myanmar's 800,000 Rohingya are seen by the government and many in the country as illegal immigrants from neighbouring Bangladesh, and are described by the UN as among the world's most persecuted minorities.


 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help